Some retrenching should be expected before higher highs, but it's possible it will hit the higher highs first, then retrench. I believe we'll see $20 before year's end. If I'm right that's roughly 50% higher by then, so a buy now won't be a bad investment. Of course if it does retrench to the $9 or lower area, that will be an even better time to purchase.
Nothing is absolute, if the company announced a major partnership for distribution and sales outside of where the company intends to do sell themselves tomorrow we could be in the $20's by then and if it retrenched before going higher it might be to $15. My point is, you never know for certain what may be announced, or when it will be. I knew Mirasol TLD results would be out soon, and the company led enough to expect them to be good, but I certainly didn't know it would be well before the bell last Tuesday. I'm in L.A. I don't get up before the open normally but by chance Tuesday morning I used the bathroom and checked my phone at 6 a.m., I immediately knew they were out as the shares were up over $5 before the open. I stayed up long enough to confirm that was what happened, and frankly though I laid back down to bed afterword's I doubt if I slept 15 minutes between checking the trading till I got up a couple hours later for the day.
IMGN is currently priced at a level where if a BP wanted the ROW distribution and sales rights and say a 20% equity position in the company were negotiating for that position, they might agree to pay $25 or more a share to acquire that position. The share price would immediately move to that price. Sure it might retrench, but maybe only to $20. The point is, you never know Partnerships and/or buyouts can come at double the current price, so today $25 wouldn't be unreasonable at all.
Gary
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